Real Estate Market

There are a lot of great places to live in Panama. What you want to do with your time and how close you want to be to a plane ride back home will influence your choice. With two sea coasts, a mountainous interior, a historic capital city and areas of pristine nature throughout, Panama presents the home buyer with the “chore” of having to travel through a tropical paradise in order to pick the ideal spot for a home. Beside the fun involved in choosing from a number of excellent locations the current home buyer or investor in Panama gets to pick from a large number of properties that are currently priced far below what they will be selling for in a few years.

Although the recession did not hit Panama in general the recession elsewhere reduced the number of foreign buyers and this depressed the high end housing market. Whether it is on Avenida Balboa along the Bay of Panama or out on the Pacific Beaches around Coronado there are properties for sale at what will be laughable prices in a few years. The buyer/investor will be wise to keep this in mind when looking at property in paradise. What follows is the author’s list of favorites.

The Tuna Coast
The old name for Panama’s Pacific is the Tuna Coast. There is an underwater mountain range that provides mountains places for coral reefs and supports a huge amount of marine life. The entire Pacific Coast from the Darien to Chiriquí has world class sport fishing, scuba diving and boating.

Isla Taboga or Isla Saboga
Isla Taboga is an island in the Pacific just half an hour from Panama City by ferry. The island, like the city, was inhabited by Europeans within a generation of Columbus’ first voyage. The island of flowers has no cars, pristine beaches, a park covering the summit and most of the island’s perimeter. This island is a gorgeous retreat within easy reach of the amenities of the City. Isla Saboga is equally gorgeous but lies farther out in the Pearl Archipelago. There are high end housing developments and there are older homes scattered throughout the islands. Ferry service and the airport can get you back to the city at your convenience.

Coronado and the Pacific Beaches
Just an hour up the Pacific Coast along the Pan American highway from Panama City are a string of beaches where Panama’s elite have had their summer homes for decades. Coronado is growing into the commercial center with modern stores and a new shopping center. Whether a gated community or a little house tucked back under the trees is your wish this area has it. In addition, a right turn up the road take you to the well manicured town of El Valle de Anton, looking like an oversided broccoli patch in the caldera of an extinct volcano. If you like this area you will not be the first. There are ancient rock drawings giving proof of residents when North America was buried under a mile of ice.

The Azuero Peninsula
Farther along the Pan American Highway is the start of Panama’s Arco Seca, the dry arch, the home of most of Panama’s agriculture. The Azuero Peninsula is substantially dryer than most of the rest of Panama and is where cowboys herd cattle inland while fishermen land catches of huge fish offshore. Periodically throughout the year sea turtles nest along the coastal islands and whales breed in coastal waters.

Boquete, Volcan, and the Chiriquí Highlands
It is typical when speaking of someone about Panama that Boquete comes up. This town is an enclave for North American retirees nestled under the shadow of the mountains of Western Panama. Up the road is the alpine town of Volcán, nestled under the watchful eye of Panama’s 11,460 foot peak, Volcán Barú. The Chiriquí highlands are spared the coastal heat, are rich in ecological wonders and are a great place for white water rafting, hiking and birding. In addition, this area is the far end of Panama’s agricultural area and produces much of Panama’s vegetable and flower crop.

Bocas del Toro Archipelago
Across the Isthmus of Panama from Chiriquí is the province of Bocas del Toro. The Bocas del Toro Archipelago is paradise for boating, surfing, scuba diving and enjoying nature. This area has a number of new, upscale developments allowing owners to enjoy nature and water sports and live in a home with all of the modern amenities.

Costa Arriba and Portobello
In the days of the Conquistadors Spanish gold came up the Pacific from Peru to the Pearl Islands where it was inventoried. It then passed to the mainland and crossed by mule train to the fortified city of Portobello. This area was named beautiful port by Columbus on his fifth voyage. With its natural harbor the city was the site of an annual trade fair. Galleons came from Spain laden with goods and mule trains bearing gold and silver met at Portabello for decades until pirates sacked the city. Today’s Portabello is a historic site along the Costa Arriba (up coast from the city of Colon). This bit of coast of the Caribbean is ripe for new homes and developments as the cities are Colon and Panama City have just been connected by a four lane highway reducing the commute time to 40 minutes.

Panama City
The first European settlement on the Pacific is a mix of history, commerce, old and new. It is a Latin American banking center and centerpiece of an economy that has grown as fast as China’s in the last decade. Nightlife along Calle Uruguay goes on until dawn and the casinos are open 24 hours a day. Restaurants serving traditional Panamanian fare vie with kitchens manned by chefs trained in Europe and North America. The city sports malls as upscale as those in North America. On one hand there are trendy cafes and boutiques with one of kind items in newly renovated buildings in the old city, Casco Viejo.

A Good Time to Be Looking for Property in Panama

Whether for a home or for investment, this is good time to look for property in Panama. Be it a condo on the 30th floor looking out over the Pacific or a little hacienda in the Azuero Peninsula overlooking the ocean prices are depressed but won’t be for long. As the recession wanes and buyers return they will seek out these little bits of paradise.

Bodrum is one of the most beautiful places in the world, not least because it is built on the shores of two bays, separated by a land-bank which is home to the Castle of St Peter.

As well as being beautiful with great beaches and a warm climate, Bodrum is also known as one of the most cosmopolitan towns in Turkey. It has literally dozens of dining options, pubs and even nightclubs, not to mention a marina and yacht club.

This all combines to make Bodrum one of the most popular tourism hotspots in Turkey, and to make Bodrum property among the most popular with foreign and local second home buyers and investors.
As a result of a combination of those facts, Bodrum property is among the most expensive in Turkey, with 2 bedroom apartments costing from around £63,000 off plan. Speaking of which, prices of quality property in Bodrum have largely held firm during the downturn, and in previous years showed some of the most impressive growth potential.

Resort property in Turkey is currently the most popular with foreigners, and there is very little availability in terms of the resale market, with most properties currently on sale to foreigners being sold off plan.

That said: Bodrum was one of the first locations in Turkey to receive foreign buyers, and as such to see developments aimed at foreigners, for that reason there are some turn-key new-build properties currently on the market, at prices comparable to those found off plan, which makes them exceptional value for money.

Most of the properties currently on the market in the resort are apartments, the villa market is relatively under-supplied, and it is therefore villas that are currently regarded as the best investment properties.

That said coastal villas in Bodrum are among the most-pricey in Turkey, but given the factors mentioned above this is not to say that they don’t offer spectacular value for money. Currently a 3 bedroom coastal villa will set you back in excess of £200,000, whereas if you come inland a km the price is halved.

Coming inland is not such a bad option in Bodrum though. Because the town is built sloping upwards away from the sea, one can find properties 800-1000m inland that still have impressive views out over the ocean.

All in all Bodrum properties have a lot to offer the lifestyle buyer or investor that is willing to pay a little more for a great location.

Mazatlan Real Estate presents the most developed option for a combination of beachfront luxury, and colonial tradition. On Mexico’s Pacific coast, just across from the tip of Baja California, Mazatlan presents an excellent option for those looking for a Mexico Homes with access to a well developed system of marina ports for yacht travels (which links various strategic points along the north part of the Pacific and Baja California,) and a home which brings all of the rich atmosphere of an authentic colonial city.

Soft sand, warm water and beautiful sunsets make the Mazatlan beachfront one of most beautiful places to live in Mexico. Residents will name evening walks on the beach as one of the most memorable and relaxing activities they can remember in their lifetime. This lifestyle can be enjoyed through life directly on the beachfront, in luxury condo, or in a comfortable villa near the beachfront.

The same beachfront can be enjoyed by Americans and Canadians who choose to live in the colonial heart of the city. In addition to this, residents can enjoy the true romance and nostalgia of a part of Mexico’s living heritage. While many other colonial cities exist, few enjoy Mazatlan’s well established success in international tourism and the accompanying range of lifestyle and activities, and even fewer combine this with a spectacular beachfront.

The strength of Mazatlan’s tourism was reflected during the spring/Easter vacation period, when the area reached nearly 100% hotel occupation on key days, and a spectacular average of 95% – significantly higher than most tourism areas even during their highest days. For real estate buyers, these numbers mean an ongoing development of the already thorough set of activities and services (everything from restaurants and tour options to new roads and health care) which help define the lifestyle of the area.

Just between April and June 2010, Mazatlan is hosting 8 major permanent events, a number unmatched even by other established beachfront destinations.

The colonial city center has been undergoing a significant restoration recently. In April, 2010, the second phase of the project in Mazatlan’s Zona Dorada (“Golden Zone”) begun, which includes the installation of underground wiring to replace all overhead cables. The 6 million dollars invested so far only in this particular section has also provided for a large number of gardens and trees, with about 230 new palm trees already in place.

The renovation of the Historic Center as a whole includes 174 city blocks, and has received a total estimated investment of about 20 million dollars by 2010, from both government and private sources, local, national and international. For Mazatlan in 2010, the 11 million allotted for such products is 32% higher than 2009, representing the growing interest in the area, and growth potential for real estate investors.

For those interested in buying a traditional Mexican style home in or near the colonial city, this investment means that the city’s atmosphere will continue to add more to the lifestyle they have chosen.

Panama has a large expat population and not all of them are retirees. Even some who came retire in Panama still work. There are lots of opportunities in the land that connects North and South America as well as the Atlantic and Pacific Oceans. Here are a few thoughts about making money in Panama.

Panama Investment Climate and Expatriate Talent

Panama has business friendly laws that attract foreign investment and foreign talent to this tropical paradise with world infrastructure. Panama ranks first in Latin America in foreign investment per capita.

Panama is taking advantage of the previously undeveloped parts of the Panama Canal Zone to promote assembly and export facilities and to upgrade its ports and container shipping infrastructure. These improvements will help especially when the “third lane” canal expansion is done in 2014 and some of the world’s biggest ships will be able to pass from ocean to ocean.

As the business climate prospers so do entrepreneurs. A number of online English publications are run by expats and the owner and the editor of the most prominent English language newspaper in Panama City are long term expats.

Doing Business in Panama

It is perfectly legal for an expat to come to Panama, open a business, employ people, make things or provide services, make money, and prosper. It can also be difficult to do business in a foreign location. Panama lays few restrictions on doing business in the country. However, doing business in Panama is a lot easier for a Latino expat from Caracas, Botota, or Barcelona than an English speaker from Chicago or Saint Louis.

Although business prospers in Panama the pace of life, and business, are different in this climate. A Venezuelan fleeing life under Hugo Chavez may well have better intuition into doing business in Panama City than even the son of Cuban refugee who was raised to do business in the Cuban community of Miami.

An example can be found on the Doing Business website. This business site ranks countries for ease of doing business. Panama ranks 81st out of 181 economies ranked. Panama ranks eighth in doing business across borders. Panama ranks twenty-eighth in getting credit for doing business. Within the Western Hemisphere Panama ranks eleventh overall out of thirty-one countries. Panama ranks seventy-third in dealing with construction permits. This means that there is a lot more paperwork and waiting to get a project going, make changes, and deal with paperwork in general. Panama does especially well in foreign trade related matters because of the Panama Canal and the Colon Free Zone. In other areas a foreigner will probably want a Panamanian partner for a hands on business.

So, if doing business in Panama could be a chore what are the options?

Doing Business Offshore

Not all expats living in Panama do business in Panama. It is perfectly legal in Panama to set up an offshore corporation, do your banking through your corporation, buy goods in Japan, and have them delivered to Australia. The nice thing about having an offshore entity in Panama is that money earned outside of Panama is not taxed in Panama. Because of the asset protection features of vehicles, such as a Panama Private Interest Foundation, foreigners will own an offshore corporation headquartered in Belize through the foundation and bank in Belize. This is living in Panama but it is not making money in Panama.

Investing in Panama

Since capitalism is the order of the day in Panama it is perfectly OK to let someone else deal with social security and workman comp issues while you purchase commercial real estate and have a professional property management company collect rents and handle all details. When the thriving economy in Panama drives the price of your commercial real estate to higher levels you can sell and reinvest in a new, promising location. The new Panama Metro Line 1 will start construction this coming fall. Anyone interested in commercial real estate investment would do well to consult the map provided by the Metro Authority for a hint as to look commercial locations.

Investing in Growth and Recovery in Panama

Every so often in life a good deal comes along. Those who recognize it and catch it in time do very well and those who miss out complain forever. One of those opportunities presents itself right now in Panama. The expensive end of the real estate market in Panama took a hit when the recession, stock market crash, and collapse of real estate markets took a bite out of pocketbooks the world over. Panama was doing well and, in fact, never had a recession with a growth rate that bottomed out at about 3.3 percent.

What happened in Panama was that North Americans and Europeans walked away from down payments on high rise condos. People whose hedge fund investments evaporated before their eyes had the mortgage on their second home in Panama repossessed. All of this happened a couple of years ago and buyers are coming in to pick up the deals. In some parts of the capital city prices on really depressed real estate have gone up as much as a third in the last year.

If you are in Panama to visit and are thinking about investing here or are retired and looking for a little more income a look at someone buying distressed properties might be in order. These distressed properties are brand new and are only distressed in the financial sense. They are in good shape and will sell readily. Over the next three to five years we can expect to see substantial appreciation the recovering high end properties in Panama. Of all the way of making money in Panama this idea may well be the best yet.

There are a number of ways of making money in Panama and while in Panama. The most efficient may well be to pay attention to Panama’s economy, the housing and real estate market, and other investment opportunities involving capital and not running a business in Latin American, unless you grew up in San Jose, Mexico City, or Bogota.

When you imagine Mexico real estate, you probably imagine beachfront luxury with beautiful views of the ocean and mountains. At some point of imagination, you probably also include the more traditional Mexican images of centuries-old architecture, colorful art, and folk music. An ideal situation would be to find real estate that gives you “the best of both worlds” – luxury lifestyle with traditions available nearby. Several locations on Mexico’s Pacific Coast give you just this; among them are La Paz Real Estate, Ixtapa Real Estate, and Puerto Vallarta Real Estate.

La Paz, Baja California recently celebrated an important date in the historical richness of tradition the area includes; celebrations for the city’s 475th anniversary were held in during late April 2010. The celebrations included a photo contest, presenting current life in La Paz, a “Miss La Paz” pageant – in Spanish literally “The queen of La Paz” – and many other celebrations. La Paz is a city where a beautiful boardwalk and palm-lined boulevards are combined with traditional Mexican architecture and a culture that dates back to 1536. In this city, Americans and Canadians who choose to live here involve themselves in the local community, becoming a part of the city’s culture and traditions.

Moving down to the Pacific Coast proper, Puerto Vallarta is a city where you can still find local farmers arriving in the old town on mules, walking along its cobble stone roads, past white-washed homes with clay roofs. For Canadians and Americans looking for a Puerto Vallarta Home, there are many, many possibilities, ranging from traditional style homes near the old town, fixer-uppers in gentrifying communities, and new luxury villas on the hillside or in newer developments a bit further out of town.

While Ixtapa, a few hundred miles south of Puerto Vallarta on the Pacific Coast, was founded in 1972 as a planned Integrated Resort Community – the second of its kind after Cancun – it is just over the hill from Zihuatanejo, a older town, established during he early 16th century, like La Paz. Those who choose to buy a condo or home in Ixtapa will truly enjoy the luxuries and a comfort of a planned resort community, with all of the tradition and customs of Zihuatanejo only a 15 minute drive away. The two communities are closely connected, and the many celebrations, and the quaint atmosphere of Zihuatanejo welcome locals and expats alike.

TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely.

As the world sinks farther into an economic crisis investment in Panama is still doing well. The Colon Free Zone is a prime example of Panama business and investment thriving in the face of global adversity. This tax exempt area increased its total business by nineteen percent in 2008.

The Colon Free Zone

The Colon Free Zone is the world’s second largest duty free zone next to Hong Kong. Located in Colon, Panama near the Caribbean end of the Panama Canal it takes advantage of shipping from the Americas, Europe and Asia to buy and sell materials from the entire world duty free.

Investment in the Zone started shortly after World War II as a distribution point for materials coming in and out of Latin America. They prospered for years selling duty free goods to Latin Americans especially.

Changes in 2008

While the United States was sinking into recession in 2008 the Colon Free Zone was doing more business. According to figures they did $2.4 billion USD worth of business in November of 2008 which was a fifty percent increase over November of 2007. Total business for 2008 through the end of November was $18 billion USD which was a 19% increase over the same period for 2007.

2009 Update

Despite economic good times in the Colon Free Zone no one is blind to the reduction in trade worldwide. The problem for importers and exporters in the Colon Free Zone is to import enough goods to satisfy their customers’ needs and at the same time not make investment in excessive inventory.

Another issue is getting credit. Panama announced on January 21, 2009, that there will be an injection of 1.11 billion USD into its banking system. Panama’s banking system is solvent and not in need of a bailout. However, a three month study of the world’s credit crisis has convinced Panama that more ready cash is needed in Panama’s banking system to maintain investment and economic growth.

This decision to infuse capital into Panama’s local bank system will help keep credit going for Panama’s investments, including investments of operators in the Zone.

2009 and Beyond

An issue for the Colon Free Zone is protectionism. As other countries move to protect their economies it affects the Colon Free Zone. An example is Ecuador which moved in early 2008 to reduce imports by raising tariffs and imposing quoted on imported goods. In response several exporters in the Colon Free Zone have stopped doing business with Ecuador. However, officials of the Colon Free Zone are negotiating with Ecuador in this matter. Ecuador remains the Zone’s biggest trading partner behind Colombia and Venezuela.

Investment in Panama will also benefit from the free trade agreements that Panama has completed or is working on. The countries involved include Canada, the USA, Nicaragua, Guatemala, Costa Rica, Honduras, and Singapore. More trade will benefit investment in and around the Colon Free Zone.

Overall the Panama gross domestic product is expected to grow between 7% and 7.5% according to the Ministry of Economy and Finance and 2008 will end with a 9% increase. Although these numbers are off from 2007′s 11.5% increase in GDP they are spectacular compared to those of recession ridden economies around the globe. It would appear that investment in Panama will continue to prosper while the world works its way through its economic slump.

If you have questions regarding investment in Panama, especially in commercial real estate contact us at ABPanama. We have over 23 years experience managing real estate portfolios and do business throughout Panama.

Thailand’s Land Title Deeds And Ownership Rights? There are generally five types of Land Title deeds in Thailand that are used as common evidence of land ownership, possession rights, and other interests in land.

Chanot (Nor Sor 4): This land title deed, is registered at the Land Department in the province in which the land is located, it grants the holder of the documents full rights over the land. It is therefore the safest type of title deed. The title deed contains a legal description of the land boundary markers (concrete posts) that are carefully ascertained and referenced by satellite images.

Nor Sor 3 Gor: This land title deed designates ownership of land with fairly certain boundaries, but it is not yet a full land title (chanot). A final official measuring is required by the land department along with the placing of official markers (concrete posts). This type of land title may be sold, transferred, or mortgaged. If the land owner files a request with the Land Department, surveyors from the land department will measure the land; the title may be changed to Chanot.

Nor Sor 3: Although ownership of the land covered in this title is relatively ascertained, the Land Department has never measured or recognized the boundaries. Therefore boundary markers are normally placed by property owners rather than government authorities. Accordingly, the main risk is whether the boundaries and size of the land is accurate. (This has led to many disputes and long drawn out legal process.)

Possessory Right: This is usually an inherited land right proven by tax payments at the local administrative office. It is one of the weakest types of land rights.

Sor Por Kor 4-01: This land title deed is agricultural, usually found in rural areas. Government land is transferred for agricultural purposes to poor families. Residence is allowed on a portion of the land. It is difficult for a non-Thai to obtain an interest in this type of land deed.

Real estate in India has been seeing major rise in the market for the past some years. The sources of industry claim that upward graph has no sign of coming down for few more years to come. The facts that major real estate companies in India have gone public, guarantees the potential of our country’s market. The initial development of residential, complex, business estate to retail space development has ensured that the Indian property market is booming with various activities. The Government approval of 100% foreign direct investments in India has ensured that real estate development’s progress is consistent with the upward march of the financial market. The biggest investments are being made in the real estate sector.

Buyers across the globe are showing interest and Indian property now features at the top of the list of the international real estate investors. In this context, Real Estate on Internet provides a platform for Indian property owners and potential buyers. On the internet there are comprehensive listings of residential & commercial property in all the major as well as the second tier cities in India, including real estate in Delhi, Bangalore, Agra and NCR.

The Indian real estate sector has witnessed a revolution, driven by the favorable demographics and liberalized economy. Growing at a scorching 35 per cent rate the realty sector is estimated to be worth US$ 15 billion and anticipated to grow at the rate of 30 per cent annually over the next decade, attracting foreign investments worth RS 30 billion, with a number of IT parks and residential townships being constructed across India.

The second largest employing sector in India (including construction and facilities management), real estate is linked to about 250 ancillary industries like cement, brick and steel through backward and forward linkages. Consequently, a unit increase in expenditure in this sector has a multiplier effect and the capacity to generate income as high as five times. Rising income levels of a growing middle class along with increase in nuclear families, low interest rates, modern attitudes to home ownership (the average age of a new homeowner in 2006 was almost 30 years compared to 45 years a decade ago) and a change of attitude amongst the young working population from that of ‘save and buy’ to ‘buy and repay’ have all combined to boost housing demand.

Real estate in India hiked more than 20 per cent of the total value of private equity investments, and more than 20 million RS would pour into the sector in the next three years. This flow of private equity continued in current year .During the initial five months of 2008, the equity commitments into the real estate in India companies has surpassed RS 3 billion. At our property and real estate directory one can easily find all property related resources and companies. The aim is to provide the best property and real estate leads and resources on the net. Through state of the art property directory one will find all kind of real estate companies dealing in commercial and residential properties including surveyors, appraisers, mortgage providers, home finance companies, property associations, lawyers, estate agents and more.

This huge chunk of shift is a big change in the way homes are being bought and sold and the role the brokers of real estates. Real Estate Property includes properties of both the buyers and the sellers. It includes all kinds of land, building, apartments either for sale or rental purpose.

Thus, we see that real estate in India has a bright future ahead and that it will have a substantial impact in the current market scenario of the Indian Economy. The real estate agents are the mediators between the buyers and sellers who charge nominal amount from the potential customers.

The factors such as booming economy, favourable demographics and liberalised foreign direct investment (FDI) regime, the Indian real estate sector has witnessed a revolution. The real estate in India is growing at 35 per cent. This sector is estimated to be worth US$ 15 billion and anticipated to grow at the rate of 30 per cent annually in the coming decade. India has become a new market for foreign investors due to its potential economical growth rate. As a matter of fact, this sector is attracting foreign investments worth US$ 30 billion in number of IT parks, hotels, medical, telecom and residential townships which are being constructed across India.

Real estate in India is the second largest employing sector including construction and facilities management. This sector is linked to about 250 supportive industries such as cement, brick, transport, steel, etc through backward and forward linkages. Accordingly, a unit increase in expenditure has a multiplier effect in this sector, as capacity to generate income is as high as five times.

Rising income levels of a growing middle class is the main reason for growth in the real estate. Apart from the income, other factors such as increase in nuclear families, low interest rates, modern attitudes to home ownership and a change of attitude amongst the young working population are responsible for real estate development. Therefore, it can be said that real estate property have changed the attitude from ‘save and buy’ to ‘buy and repay’ to boost housing demand.

As per the information by ‘Housing Skyline of India 2007-08′, a research firm Indicus Analytics, it has predicted that there will be demand for over 24.3 million new dwellings for self-living in urban India by 2015. Moreover, rapid growth of the Indian economy has faced a cascading effect on demand for commercial property to meet the needs of business such as modern offices, warehouses, hotels and retail shopping centres.

With the significant investment opportunities emerging in this sector, international real estate players have entered in the country. Effective participation from large local and international industrialists have resulted in potential economical growth of India which is moving towards maturity. Currently, foreign direct investment or FDI inflow into this sector is estimated to be between US$ 5 – 5.50 billion. A unit of Deutsche Bank for instance, aims to invest more than US$ 1 billion over three years in Indian construction and real estate property projects. Russian conglomerate Sistema plans to develop hotel, offices and residential complexes in major cities of India with an initial investment of US$ 100-200 million.

The boom in this industry has attracted large number of realty funds to step into this market. Prominent global players such as Carlyle, Blackstone, Morgan Stanley, Trikona, Warbus Pincus, HSBC Financial Services, Americorp Ventures, Barclays and Citigroup among others have all already checked into the Indian realty market.

Among international players, the many Indian realtors are going global by making their name in the international market through significant investments in foreign markets. Prudential Real Estate Investors for instance, has acquired Round Hill Capital Partners Kabushiki Kaisha, a Japanese asset management firm. Embassy Group has settled a deal with the Serbian government to construct a US$ 600 million IT park in Serbia. Parsvnath Developers in collaboration with the Al-Hasan Group in Oman.

Importantly, government has introduced many innovative reform measures to discover the potential of the sector. 100 per cent FDI is allowed in realty projects through the automatic route, for instance. 51 per cent FDI permitted in single brand retail outlets and 100 per cent in cash and carry through the automatic route. With growing economy in India, the demand for all segments of the real estate sector are likely to continue.

Cyprus represents one of the most beautiful countries in the world. This island nation of Europe is in close proximity to Asia and Africa, making it one of the most sought after tourist destinations among all the European countries. Due to its strategic location, Cyprus is often referred to as the stepping-stone to the three continents of Europe, Asia, and Africa.

Tourism constitutes one of the prime movers of Cypriot economy. It constituted about 10% to the country’s GDP in 2006 and this percentage is still on the rise, with Brits topping the list of maximum number of tourists visiting Cyprus in 2006. The earnings during that period from tourism alone were to the tune of £25K million. In terms of employment, tourism generated 30% of the jobs in Cyprus during 2006. These figures clearly underline the fact that tourism is the linchpin of Cypriot economy.

Figures suggest that during the period 1997 to 2001, the tourist arrivals in Cyprus increased at an average annual rate of 6.7%. However, this growth saw a dip in 2001, which continued till mid-June 2002. This figure is expected to grow at an annual rate of 6% between 2002 and 2012.

Reasons for Growth in tourism in Cyprus
The tourist figures in recent times and the projections all combine to indicate a robust growth in the Cypriot tourism economy. And the reasons are not too far to seek.

One positive development clearly emerging out in the recent years is Cyprus joining EU. The European Union membership has brought out the best in the member countries. And Cyprus is no exception. Before joining the EU, the country was struggling for its distinct identity as tourist hotbed, but with EU policies in place, the number of visitors from the member counties has seen a quantum jump in the recent years.

EU membership mandates the adoption of liberal policies in terms of trade, tourism and travel. And this has awakened Cyprus from its deep slumber. The under-exploited tourism potential came to the fore after EU membership with cheap air travel, better connectivity with neighbouring countries, and resultantly, improved economy.

The history of the country has a major role to play in boosting its tourism potential. Cyprus is the birthplace of legendary Greek goddess of love, Aphrodite. Cyprus also saw invasions from countries, like Greece, Turkey, Egypt, Persia, Britain etc., which has left the country rich in diverse cultural treasures, like Crusader Castles and the Tomb of Mohammad’s Aunt. The country’s roots are traced to Neolithic period and the subsequent invasions by different countries at different points in history can be attributed to the location of Cyprus, which gave close proximity to African, Asian, and European countries to establish their rule in this beautiful island nation. A long-standing dispute regarding Northern Cyprus with Turkey notwithstanding, the country is largely peaceful.

Situated on the shores of Mediterranean, Cyprus enjoys an enviable weather throughout the year. Seasonal fluctuations are not as drastic as in other European countries, and sun kisses this heaven on the planet in abundance. Pleasant climate, coupled with inviting beaches make for a perfect holiday destination. The aquatic adventures, like swimming, sunbathing, fishing, diving, surfing etc., are particularly exciting in this part of the world.

Tourism and Cyprus Property
Undoubtedly, the attractions of Cyprus have a positive impact on the property market in the country. There has been an ever-increasing demand of both residential and vacation property all around the country. Thanks to the EU membership, the beauty of this island nation is getting recognised and the demand from investors, particularly from Britain, has jacked up the prices of most available properties in the country.

Year-round tourist inflow means a constant demand for rental property in the country, particularly in and around the tourist places. This has further led to the increased demand for property in these areas. Due to affordable prices in Cyprus real estate market, the rich investors have found a new haven for their wealth. Even not-so-affluent buyers can try their luck with banks and other lending institutions giving generous loans to ease off heavy financial burden off your shoulders.

Many retirees, second-home seekers, and temporary residents have also pitched in by investing heavily in Cyprus real estate. Since the country presents wonderful opportunities to earn income from property, as well as an enviable quality of life, the older generation is lapping up the Cyprus dream with the property of their choice.

Off-plan property in Cyprus is also quite a popular investment option for Brits. Available at much lower prices, you can either rent out these properties after construction is completed, or sell them off to make a quick buck, or just keep it for your retiree days.

Overall, Cyprus offers a perfect package for all kind of property investors in Europe, thanks to its booming tourism sector.